Brookfield Properties secured a tsunami of funding from Apollo Global Management for its waterside development in the South Bronx.
The real estate developer received $438 million to build a 982,000-square-foot, mixed-use building at 101 Lincoln Avenue in Mott Haven, according to city records. The building will provide 921 units spread across 25 stories.
The overall development, which Brookfield is calling Bankside, will cover 4.3 acres and supply more than 1,350 apartments, 30 percent of which will be earmarked as affordable. It will include a public park along the Harlem River and 15,000 square feet of retail space.
The new loan from Apollo consolidates an existing $69.5 million mortgage and adds another $66 million to it, on top of $303 million in fresh funds. Apollo acquired the mortgage on the property from HSBC.
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Mott Haven, one of the poorest neighborhoods in New York, has seen a boom in development in recent years as developers seek out less expensive land within reach of Manhattan. They’ve been helped along by a series of rezonings by consecutive mayoral administrations.
The neighborhood is set to receive about 20 residential projects with more than 5,000 apartments in the coming years, the New York Times reported in October.
Representatives for Brookfield and Apollo confirmed the numbers but declined to comment further on the partnership.